“Poundland rocked by costs as it blames store openings for profit warning”, writes the Daily Mail this morning.

Poundland blamed store-opening costs among a “raft of other excuses” for a profit warning that wiped 13% off the value of the stock, taking shares below their 300p float price for the first time. It also blamed the impact of converting foreign currencies into pounds, and disappointing recent trading, in a dismal update ahead of its interim results next week. (The Daily Mail)

Poundland managed to raise the £50m it was looking for to fund its 99p Stores takeover via a share placement, despite warning on its first-half profits. The single-price bargain retailer raised the funds through an accelerated book-building in which it sold 17.8 million shares at 275p a share after expenses (The Times £).

Starbucks has upped the ante on its rivals, promising to raise its average UK wage to just under £8 an hour from November and offering interest-free loans to help its staff pay deposits on their housing. (The Financial Times £)

Meanwhile, John Lewis could have to restructure staff benefits in order to pay for the “national living wage”, the managing director of the department store chain has warned. Andy Street, speaking as John Lewis opened its 45th store, in Birmingham, said the government’s proposals posed big issues for the retailer. (The Guardian)

AB InBev’s bid approach for SABMiller has helped revive long-running hopes that Imperial Tobacco might be carved up by British American Tobacco and Japan Tobacco, whose management was in London last week for investor meetings. (The Financial Times)

Kent wine maker Chapel Down toasted soaring sales as demand for English wine went ‘from strength to strength’. Business was boosted by booming demand for Chapel Down’s sparkling wines, as well as its beer and cider. (The Daily Mail)

The Irish maker of Magners cider has held talks with Carlsberg, the world’s fourth-largest brewer by volume, about a deal to acquire its UK business as recently as last month. The discussions between C&C Group and Carlsberg took place over the summer, however, the talks stopped towards the end of August and it is unclear whether they will be restarted. (The Financial Times £)

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